Business liability which may be quantified & discharged at a future date allowable if its definite

If a business liability is definite, the deduction should be allowed, although the liability may be quantified and discharged at a future date High Court of Gujarat CIT v Alembic Glass Industries Limited Tax Appeal No. 729 of 2011 Decided on: 2 May 2011 Judgment Per : Akil Kureshi, J: 1. Revenue is in appeal against the judgment of the Tribunal dated 31.10.2010 raising the following question for our consideration “Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in allowing deduction of claim of ONGC liability, disregarding the fa...